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April 19, 2023
Dogecoin weakened earlier in the day, before moving away from its $0.087 low and recovering back to $0.091.
Dogecoin made an initial break below its 10 day Simple Moving Average at $0.089, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.087 currently serving as support. If price action breaks below, the next Fib hurdle is $0.084. On the other hand, note that although Dogecoin is down today and was as low as $0.087, it seems to be recovering slightly and climbing away from the $0.091 support line and is now 1 cents above it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts DOGE to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Dogecoin is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Litecoin falls 7.12% to trade around $94.53. EOS falls 7.36% to trade around $1.13. Ripple dips 6.47% to trade around $0.5.
Dogecoin has managed to gain 32.15% so far this year despite trading at lows around $0.053 previously. Dogecoin has a market cap of 12.62 billion with an average daily volume of 996.85 million.
